The Sri Lankan rupee opened at 328.30/60 to the US dollar on Thursday, slightly stronger than the previous day [1fc8d113]. The Colombo Stock Exchange was trading down, with the All Share Price Index down 0.25 percent. Bonds maturing in 2026, 2027, and 2028 saw slight changes in their quoted percentages. The decline in the value of the rupee against the dollar has implications for various sectors, including trade and tourism.
Sri Lanka is in discussions with India for separate agreements on investment and trade, as a previous attempt for a Comprehensive Economic Partnership Agreement (CEPA) was unsuccessful. Sri Lanka has also applied to join the Regional Comprehensive Economic Partnership (RCEP), but the RCEP has stated that they do not have a procedure to admit new members [1fc8d113].
Additionally, Sri Lanka received a preliminary debt restructuring proposal from the official creditor committee, bringing the country closer to completing the first review of an IMF program. The proposal is a significant step towards addressing Sri Lanka's debt challenges [a2a36d0b][1fc8d113].
Sri Lanka is also taking steps to boost its petroleum industry. The country has approved China Petroleum & Chemical Corporation (SINOPEC) to establish a new petroleum refinery in the Hambantota port, signaling further collaboration between the two nations in the petroleum sector [a217c673].
Furthermore, Sri Lanka is developing a price formula for the state-run Water Board. The draft price formula aims to have higher prices for commercial customers and lower tariffs for religious institutions, hospitals, and schools. The formula is expected to be finalized in December [a217c673].
The Ceylon Chamber's Sri Lanka Economic Summit, featuring President Ranil Wickremesinghe as the chief guest, focuses on economic reforms and an International Monetary Fund program. The summit aims to provide insights into the challenges and opportunities facing Sri Lanka's economy [a217c673].